Business, 19.12.2019 23:31 waterborn9800

Equipment that cost $660,000 and has accumulated depreciation of $300,000 is exchanged for equipment with a fair value of $480,000 and $120,000 cash is received. the exchange lacked commercial substance.

the gain to be recognized from the exchange is

a) 48,000

b) 60,000

c)180,000

d)240,000

Answers: 2

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Equipment that cost $660,000 and has accumulated depreciation of $300,000 is exchanged for equipment...